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January offerings will be the real test

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Alan Cleary Managing Director Precise Mortgages

Heading fast towards the Christmas break and the inevitable slowdown of mortgage business, it was good to read some positive press last week.

The boss of Tesco announced pretty impressive figures and said customers were weathering the downturn well, with some expensive food ranges significantly ahead of previous years. Unlike some, Tesco saw that the UK’s recovery was gathering pace, not heading for a double dip.

Stock markets across the globe also seem to be reflecting a renewed optimism in the prospect of global growth next year.

The mergers and acquisitions market, which was pretty much wiped out in the aftermath of the credit crunch, had a good half year both in the UK and Europe which again may signal that the recession is behind us.

The interesting thing for the mortgage market is whether lenders will be optimistic about next year or not. Will we see their products expanding and even – dare I say it – some form of innovation?

Will there be any help for first-time buyers needing to borrow 90% LTV or more? Will the self-employed spend another year in the mortgage wilderness? I don’t have the answers but the test will be what happens in January’s new product launches.

Lenders are traditionally hungry for new business after the break and come out with strong product offerings, so let’s hope we have made some positive new year resolutions.

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